Atlantic Union Bankshares Corporation Announces $125 million Share Repurchase Authorization; Declares an Increased Quarterly ...
05 Mayo 2021 - 06:45AM
The Board of Directors (the “Board”) of Atlantic Union Bankshares
Corporation (the “Company”) has authorized the repurchase of up to
$125 million worth of the Company’s common stock through June 30,
2022 (the “Repurchase Program”). Shares of common stock may be
purchased under the Repurchase Program periodically in open market
transactions or privately negotiated transactions at prevailing
market prices, including pursuant to a trading plan in accordance
with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange
Act of 1934, as amended.
The actual means and timing of any purchases, target number of
shares and prices or range of prices under the Repurchase Program
will be determined by the Company in its discretion and will depend
on a number of factors, including the market price of the Company’s
common stock, share issuances under Company equity plans, general
market and economic conditions, and applicable legal and regulatory
requirements. The Repurchase Program may be modified, amended or
terminated by the Board of Directors at any time. There is no
assurance that the Company will purchase any shares under the
Repurchase Program.
Additionally, the Board declared a quarterly dividend of $0.28
per share of common stock, which is a 3 cent or 12% increase from
the common stock dividend paid in the prior quarter and the second
quarter of 2020. Based on the Company’s common stock closing price
of $39.62 on May 4, 2021, the dividend yield is approximately 2.8%.
The common stock dividend is payable on June 4, 2021 to common
shareholders of record as of May 21, 2021.
The Board also declared a quarterly dividend on the outstanding
shares of the Company’s 6.875% Perpetual Non-Cumulative Preferred
Stock, Series A (the “Series A preferred stock”). The Series A
preferred stock is represented by depositary shares, each
representing a 1/400th ownership interest in a share of Series A
preferred stock. The dividend of $171.88 per share (equivalent to
$0.43 per outstanding depositary share) is payable on June 1, 2021
to holders of record as of May 17, 2021.
About Atlantic Union Bankshares Corporation
Headquartered in Richmond, Virginia, Atlantic Union Bankshares
Corporation (Nasdaq: AUB) is the holding company for Atlantic Union
Bank. Atlantic Union Bank has 129 branches and approximately 150
ATMs located throughout Virginia, and in portions of Maryland and
North Carolina. Atlantic Union Bank Wealth Management is a brand
name used by Atlantic Union Bank and certain affiliates when
providing trust, wealth management, private banking, and investment
advisory products and services. Certain non-bank affiliates of
Atlantic Union Bank include: Old Dominion Capital Management, Inc.,
and its subsidiary, Outfitter Advisors, Ltd., and Dixon, Hubard,
Feinour, & Brown, Inc., which provide investment advisory
services; Atlantic Union Financial Consultants, LLC, which provides
brokerage services; and Union Insurance Group, LLC, which offers
various lines of insurance products
Contact:
Bill Cimino, Senior Vice President and Director of Investor
Relations 804.448.0937
Atlantic Union Bankshares (NASDAQ:AUB)
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